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A joint venture of Walsh Construction and Turner Construction received the go-ahead to proceed with a key piece of infrastructure at the University of Kentucky in Lexington.
Kentucky Infrastructure Partners, which includes developers and the maintenance company along with the JV, reached financial close on $580 million central Kentucky utility plant projectaccording to a June 11 announcement from Turner.
That $580 million will go toward the design, construction, financing, operation and maintenance of the facility, according to the news release, along with upgrades to the school district’s power distribution systems. KIP will operate the facility for the next 30 years.
According to the announcement, the new central floor will be a critical component of the university’s long-term campus infrastructure strategy. It will provide expanded heating, cooling and backup power capacity that will support the school’s major infrastructure initiatives, including the expansion of the university’s Albert B. Chandler Hospital.
In addition to the plant, the construction team will install new distribution pipes and connections to the system throughout the campus; modernize and optimize existing public service systems; and create a backup power infrastructure for critical healthcare facilities. Construction is expected to be completed in 2029.
In addition to New York’s Turner and Chicago’s Walsh, KIP’s other members include developers Plenary Americas and Walsh Investors, along with maintenance company Noresco.
The project is being financed through the issuance of Series 2026A tax-exempt senior revenue bonds with a face amount of approximately $424 million. The sponsor’s capital and other sources of financing are part of the overall capital structure of $580 million, according to the press release.
JV Walsh-Turner has recently taken on other major higher education projects across the country. In July 2024, a Walsh-Turner team began construction on the new Ryan Fieldan $800 million football stadium for Northwestern University.
Then, in March, contractors finished work on a $1.5 billion hospital at Ohio State University in Columbus.
